AMERICA

Wellington Independent, Volume VI, Issue 1694, 24 January 1862, Page 3

AMERICA

On the Potomac the two armies under Generals MClellanand Beauregard, each numbering 250,000 men, still face each other, and do nothing. Not a single incident worth reporting has occurred in this quarter, excepting a disastrous and disgraceful defeat of a body of Federals near Leesburg. This is called the battle of Bull's Bluff. The Federal naval expedition has captured Port Royal, after a bombardment, and landed 15,000 men at Beaufort, in South Carolina, the town and neighbouring plantations having previously been destroyed by the Confederates. On the Lower Potomac the Confederates have withdrawn a large portion of their force for the protection of the points in the South threatened by the Federals. Two engagements have taken place at Bellmont, in Missouri, the Federals losing from 300 to 500 men, and the Confederates also suffering severely. General Scott has retired from the oornmand-in-ohief of the Federal forces, and has arrived iv [New] England, General M'Clelland having assumed the chief command. 400 confederates are said to have been killed, and 1000 taken prisoners, in an engagement in Kentucky. The Federal Government are preparing another naval expedition, having for its objects, — first, to carry war into the cotton States, which are chiefly responsible for the rebellion,

and, by doings so, to produce the disorganization and dispersion of the immense rebel army now collected in Virginia; — second, to secure winter quarters for troops, and harbours of refuge for naval and mercantile marine ;— third, to open one or more Southern ports to commerce* and to satisfy all demands and obviate all difficulties about the supply of cotton and efficacy of the blockade ; — and fourth,* to form nuclei in those rebel States near which the long suppressed loyalty and good sense of the people may find safe expression, and to encourage and stimulate this reactionary feeling, of which a remarkable and encouraging manifestation was mads in North Carolina.

LONDON WOOL REPORT— Nov. 23, 1861. (Condensed from the Home News.) The last series of sales for this year com* menced on the 7th November, the declared arrivals to that date consisting of-^-Sydney, 14,8"75 bales ; Port Philip, 8,486 bales ; Ade* laide, 1,138 bales ; Van Diemen's Land, 744 bale's ; New Zealapd 8,286 bales ; Swan Hirer, 31 bales ; Cape, 25,349 bales ; and 10,000 bales held over and withdrawn ; total, 68,909 bales. Since the closejof the July-August series there has been a quiet trade in nearly all the maniafacturing districts, the exceptions being those engaged on American contracts, chiefly runjiing upon low wools ranging fromfld. to Is. 3d., and on English from Is. 3d. to Is. 6d. ; little colonial wool being at present used for their orders, and that chiefly from New Zealand wool from Is 3d to Is Gd.

Our room is well attended, and, judging from tbe present feeling, nearly all the woo? will be brought to the hammer, if present rates are maintained; nearly all the importers, being free sellers, wish to clear old stock before Christmas — uo doubt v wise resol?e looking to the future, for it is nearly certain that tbe sales of March, 1862, will be very large, and without a better trade is tbe result of present cheap prices, the present rates for wool will not be maintained next year, even supposing no fresh difficulties arise from the American war. There is nothing in the future very assuring . tbe financial difficulties of France, and the certainty of a large number of our operatives at Manchester, Leeds, &c, being out of employ, may cause all prudent parties to hesitate, and a general feeling will exist after tbe present sales to quit all old stock at a small profit, and be prepared for tbe new clip, a matter not so easily effected without a rapid improvement in trade, for tbe quantity to be offered tHis series. is larger than was ever before submitted at the same time of tbe year, and the year's import already shows an increase upon that of last year Vr " of fully 20,000 bales, and will no question, should dulness continue in the Northern markets, . leave many with larger stocks in tbe spring; than could be wished or desired.